PNC Financial Services Group Inc. Has $1.12 Million Position in Agree Realty Co. (NYSE:ADC)

PNC Financial Services Group Inc. boosted its holdings in Agree Realty Co. (NYSE:ADC) by 3.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,914 shares of the real estate investment trust’s stock after acquiring an additional 549 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Agree Realty were worth $1,123,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ADC. Price T Rowe Associates Inc. MD raised its holdings in shares of Agree Realty by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,028 shares of the real estate investment trust’s stock worth $3,029,000 after buying an additional 3,080 shares in the last quarter. Bayesian Capital Management LP bought a new position in Agree Realty in the first quarter valued at about $304,000. Walleye Trading LLC acquired a new stake in Agree Realty in the first quarter worth about $955,000. Virtu Financial LLC bought a new stake in Agree Realty during the 1st quarter worth about $599,000. Finally, Pathway Financial Advisers LLC acquired a new position in Agree Realty during the 1st quarter valued at about $737,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of ADC opened at $77.65 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The firm has a market capitalization of $8.04 billion, a PE ratio of 43.13, a P/E/G ratio of 3.10 and a beta of 0.61. The stock has a 50 day simple moving average of $75.11 and a 200 day simple moving average of $69.51. Agree Realty Co. has a 52-week low of $54.28 and a 52-week high of $78.39.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm’s revenue was up 12.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.00 EPS. Sell-side analysts predict that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s dividend payout ratio is 167.96%.

Wall Street Analyst Weigh In

ADC has been the subject of several analyst reports. Wells Fargo & Company lowered their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Mizuho lifted their target price on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. KeyCorp increased their price target on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Truist Financial lifted their price objective on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, BTIG Research increased their target price on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $76.04.

About Agree Realty

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.